Executive Summary
Pluri Inc reported QQ2 2025 results characterized by a modest top-line and a steep ongoing burn driven by R&D and general and administrative expenses. Revenue for the quarter totaled USD 0.185 million, up 76% year-over-year from the prior-year quarter but down 43% quarter-over-quarter, reflecting seasonality and the company’s early-stage commercialization profile in a capital-intensive development program. Gross profit was USD 0.111 million with a robust gross margin of 60%, signaling some efficiency in cost of revenue despite minimal scale. However, operating losses remained pronounced (EBITDA negative USD 2.831 million; EBIT is negative USD 4.957 million), underscoring the sandbox nature of Pluri’s business model: heavy R&D investment aimed at advancing PLXPAD and related placental-derived therapies rather than near-term revenue generation.
Key Performance Indicators
QoQ: -43.25% | YoY:76.19%
QoQ: -44.50% | YoY:102.17%
Key Insights
Revenue: USD 0.185 million in QQ2 2025, YoY +76.19%, QoQ -43.25%
Gross Profit: USD 0.111 million, Gross Margin 60.0%, YoY +102.17%, QoQ -44.50%
Operating Income: USD -4.957 million, Margin -26.79%, YoY +4.91%, QoQ +13.05%
Net Income: USD -2.956 million, Net Margin -15.98%, YoY +39.73%, QoQ +49.74%
EPS: -0.53 USD, Diluted -0.53 USD, Shares 5.553 million
Cash Flow: Operating cash flow USD -4.629 million; Free cash flow USD -4.740 million; Cash at period end USD 8.29 million; Net cash used in inve...
Financial Highlights
Revenue: USD 0.185 million in QQ2 2025, YoY +76.19%, QoQ -43.25%
Gross Profit: USD 0.111 million, Gross Margin 60.0%, YoY +102.17%, QoQ -44.50%
Operating Income: USD -4.957 million, Margin -26.79%, YoY +4.91%, QoQ +13.05%
Net Income: USD -2.956 million, Net Margin -15.98%, YoY +39.73%, QoQ +49.74%
EPS: -0.53 USD, Diluted -0.53 USD, Shares 5.553 million
Cash Flow: Operating cash flow USD -4.629 million; Free cash flow USD -4.740 million; Cash at period end USD 8.29 million; Net cash used in investing activities USD -8.645 million; Net cash used in financing activity USD 0 (net impact noted as -7.5 million in other financing activities); Net change in cash USD +4.074 million; Cash and investments USD 21.313 million; Net debt USD 22.067 million; Debt total USD 29.296 million; Equity is negative USD 8.028 million.
Liquidity: Current ratio 5.04x; Quick ratio 5.04x; Cash ratio 1.63x; DSO 68 days; CCC negative -1,348 days due to payables deferral.
Income Statement
| Metric |
Value |
YoY Change |
QoQ Change |
| Revenue |
185.00K |
76.19% |
-43.25% |
| Gross Profit |
111.00K |
102.17% |
-44.50% |
| Operating Income |
-4.96M |
4.91% |
13.05% |
| Net Income |
-2.96M |
39.73% |
49.74% |
| EPS |
-0.53 |
44.79% |
52.68% |
Key Financial Ratios
operatingProfitMargin
-2679%
operatingCashFlowPerShare
$-0.83
freeCashFlowPerShare
$-0.85
Management Commentary
No earnings call transcript available for QQ2 2025 in the provided data. Management comments on the quarter cannot be quoted directly. Notwithstanding, the quarterly results imply continued emphasis on advancing PLXPAD and related placental-derived products, with a focus on Phase III clinical milestones and potential collaborations indicating strategic value creation remains the core narrative. N/A
Forward Guidance
There is no explicit numeric forward guidance disclosed in the QQ2 2025 filing. Given the heavy R&D cadence and Stage III clinical programs, the company’s near-term trajectory will hinge on successful trial progress, regulatory milestones, and the availability of additional financing. Our view: the absence of clear short-term revenue catalysts suggests a primary need for external funding to sustain ongoing trials. Key catalysts to watch include Phase III readouts, feasibility of expanding PLXPAD indications, and any updates on NIH/DoD collaborations or new partnerships. Investors should monitor cash runway, potential capital raises, and milestones that could unlock value.